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Investigations Editor
Police are inviting everyone who lost money in a Crypto Currency Share Investment scheme run by Martin Mhlanga (also known as Boss Martin) to report to their nearest police station.
It is believed scores of people invested large sums in US dollars in the pyramid scheme that later collapsed.
Mhlanga is believed to be in South Africa and police have since launched a manhunt for him.
National police spokesperson Assistant Commissioner Paul Nyathi yesterday said an administrator with the investment vehicle has since been arrested and is expected to appear in court today.
“We have since opened investigations into the pyramid scheme that swindled many people of their hard-earned money.
“So far, an administrator with the investment scheme, Tatenda Chizanga has been arrested and is likely to appear in court tomorrow. Tatenda works for Martin Mhlanga, who is believed to be in South Africa.
“We are appealing to all those who invested their monies to come forth and report their cases at their nearest police stations.
“The investigations are being done by Harare Central Police station,” said Asst Comm Nyathi.
The Herald understands Chizanga is officially an employee of the Ministry of Health and Child Care in the accounts section of the provincial medical director’s office, but the accusations cover work he did privately when he was allegedly working with the scammers to defraud scores of Zimbabweans of their money.
Among the complainants are police officers and other civil servants who were made to understand the investment was legitimate. The scheme became popular in the past three months and people invested their US dollars and were promised hefty payouts.
Before they harvested, the scheme collapsed and scores of people were left stranded, counting losses.
The Zimbabwean man using the name Martin Mhlanga, who ran the Crypto Share Investment Scheme in South Africa, last week disappeared without a trace, leaving scores of “investors” in the lurch.
Mhlanga had, over the last year, pooled together gullible clients under the scheme, promising them implausible returns on their investments.
The investors were asked to pay an initial joining fee of US$30 and a US$300 initial instalment was then given to an individual who would have referred a new investor.
Many of the investors began sensing that something was not right last week after all the scheme’s WhatsApp group administrators left their groups abruptly without notice. Crypto Shares had more than 50 WhatsApp groups in operation prior to the scheme’s dramatic collapse.
Trouble began early this month when a group of investors were supposed to receive their money. Mhlanga became evasive, giving the investors one excuse after another. That is when it dawned on many that they had been scammed.
Victims of the scam have now set up several WhatApp groups where they discuss how to recover their money or track down Mhlanga.
Southern Africa Regional Anti-Corruption Organisation (SARACO) chairperson Mr Paddington Kadzungura who advised some of the victims to file criminal charges against the scammers urged Zimbabweans to properly research on the genuineness of investment schemes before parting with their money.
“As SARACO chairperson, I would like to encourage members of the public within and outside Zimbabwe to refrain from being lured and captured by the high interest rates in the bitcoin and crypto-currency business. It is not legitimate and scores of people have lost money and properties.
“People should carry out proper research and due diligence to ensure they invest with legitimate entities that are registered in terms of the laws of the country. Otherwise we will all lose to scammers,” he said.
Online Reporter